Tuesday, 11 March 2014

Businessman Philip Chiyangwa loses $48 million to conman

Businessman Philip Chiyangwa allegedly lost US$48 million to a conman who sold Pinnacle Property Holdings stands at Stoneridge Farm area in Waterfalls on the pretext it was State land.

Onias Muhoma (47) of number 11025 Stoneridge in Waterfalls appeared before Harare magistrate Mr Tendai Mahwe on Friday facing fraud charges and was remanded to March 28 on US$100 bail.

As part of his bail conditions, Mr Mahwe ordered Muhoma not to interfere with State witnesses and to continue residing at his given address. Prosecutor Ms Sharon Mashavira alleged that Muhoma connived with unknown accomplices to defraud Pinnacle Property by misrepresenting to home seekers that the land did not belong to Mr Chiyangwa.

Businessman Philip Chiyangwa

The court heard that Muhoma mobilised residents in the area and told them not to pay for the stands they were occupying to Pinnacle Property, but to him. It is alleged that Muhoma told them that part of Stoneridge belonged to the State and not to Pinnacle Property.

Ms Mashavira told the court that Muhoma had in fact bought his residential stand from Pinnacle Property despite convincing the residents otherwise. The value of potential prejudice was pegged at US$48 000 000.